Insurer bond income: why a rate change reaches the portfolio slowly
Aflac, MetLife and Prudential show why new-money yields, existing bond income and policyholder costs need separate checks after a rate change.
Hotel RevPAR: the empty rooms belong in the calculation
A higher room price can accompany weaker hotel sales. Kit Dawson explains occupancy, RevPAR and the gap between property revenue and listed-company earnings.
Warehouse robots are working. What would prove the economics?
GXO, Amazon and Symbotic show why a robot deployment, a faster task and retained profit need different evidence.
Utility borrowing costs: follow the contract after a Fed decision
Floating debt, refinancing and hedges carry rate changes into utility finances at different speeds. Duke, Southern and AEP show which links need checking.
Terminal growth: the assumption after the forecast ends
A small long-term growth assumption can move a valuation sharply. The arithmetic, company disclosures and limits behind the final cell.
Reported sales can grow faster than the business you already owned
Acquisitions, currency and pricing change what a sales-growth headline measures. Three dated company examples show how to read the comparison.
Warrant inducements raise cash. What rights come back into the share count?
Three financing disclosures show why warrant exercise proceeds and replacement rights belong in separate columns.
Equal-weight indices change concentration. What else changes?
The same company list can produce different exposure. Equal weighting changes dependence on the largest holdings, rebalancing and the business of providing index funds.
Office refinancing: match the cash to the repayment date
Reported liquidity can combine cash, credit lines and restricted funds. BXP, SL Green and Vornado show why the repayment date and funding conditions matter.
Share compensation lifts operating cash. What does it cost shareholders?
Adobe, Salesforce and Microsoft show why a non-cash pay add-back needs a separate check on dilution and repurchases.